Apollo in Talks to Invest in Atlético Madrid Amid €800M Infrastructure Project Financing.

Roger Hampel

Image: Atlético Madrid

Apollo Global Management is reportedly in advanced discussions to acquire a stake in Atlético Madrid, as the LaLiga club seeks institutional capital for its €800 million "Ciudad del Deporte" (City of Sports) project, according to reporting by Expansión and Private Equity Insights.

The deal, if completed, would involve a capital increase structure—allowing existing shareholders, including Miguel Ángel Gil, Enrique Cerezo, and Ares Management, to retain their ownership while being diluted proportionally. This mechanism has been used in Atlético’s previous capital raises involving investors such as Wanda, Quantum Pacific Group, and Ares.

Infrastructure-Focused Capital Raise Apollo Atlético Madrid

The City of Sports, being developed adjacent to the Cívitas Metropolitano Stadium, is a large-scale mixed-use infrastructure project that includes commercial, retail, and sporting facilities. The project is seen as central to Atlético’s long-term strategy to diversify revenue streams and solidify its off-pitch business operations.

According to Private Equity Insights, Atlético has so far secured:

• €120 million through LaLiga’s CVC-backed Impulso initiative

• €125 million from internal club funds

  
  

The remaining €555 million is expected to come from institutional investors, with Apollo reported to be one of at least four groups in discussions. Investment may take the form of equity in Parque Metropolitano, the project’s holding company, or directly in Atlético Madrid SAD.

Governance and Valuation Context

The club intends to retain existing leadership, with new investors offering long-term capital support rather than operational control. Valuations for Atlético Madrid range between €2.5 billion and €3 billion, driven by the club’s regular Champions League participation, urban land holdings, and expanding commercial infrastructure.

Another Step in Football’s Private Capital Trend

Apollo’s potential entry into Atlético follows a broader pattern of private equity investment in European football, particularly targeting clubs engaged in real estate or infrastructure expansion. Ares, RedBird, CVC, and Silver Lake have all made recent moves in this space, viewing football clubs as scalable, multi-asset platforms rather than standalone sports entities.